Z SCORE:
Based on the Altman Bankruptcy model. Computed as follows:
基于Altman教授的破产模型,计算如下:
Z = 1.2A + 1.4B + 3.3C + 0.6D + 1.0EA:Working Capital/Total Assets 营运资本/总资产
B: Retained Earnings/Total Assets 留存收益/总资产
C: EBIT/Total Assets 息税前利润/总资产
D:Market Value Equity/Book Value (BV=Total Liabilities) 权益市场价值/帐面价值(BV=总负债)
E:Total Assets Turnover (Net Sales/Total Assets) 总资产周转率(净销售额/总资产)
Z score is considered healthy if > 3.0 Z> 3.0,则被认为是健康的
undefined if >1.8 and <3.0 如果Z>1.8或 <3.0,代表不明确
bankruptcy characteristics if <1.8 Z<1.8,则具有破产特征
Market value equity uses market value from the miscellaneous section of the input, if available. If no data have been entered for market value, the Net Worth is used.
在可能的情况下,权益市场价值是选取各种输入数据的市场价值,如果没有任何关于市场价值的数据,则选取资本净值。
By Ben McClure本·麦克卢尔
Web site for automated calculation of the Z-Score
Z值自动计算网站
http://www.creditguru.com/CalcAltZ.shtml
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